HomeMy Public PortalAbout2003_11_25_r155The Town of
! .eesburg,
trgtma
PRESENTED:November 25, 2003
RESOLUTION NO. 2 0 0 3-15 5 ADOPTED: November 25, 2003
A RESOLUTION: APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE AND
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN EDWARDS
LANDING WOODS EDGE DRIVE
WHEREAS, Council Resolution #2002-89 adopted on June 11, 2002, approved a
corporate surety bond from The Continental Insurance Company in the mount of $783,845.15
as security to guarantee installation of public improvements as shown on plans approved by the
Director of Engineering and Public Works for Edwards Landing Section 3; and
WI-1F. REAS, Edwards Landing L.L.C. has requested to replace the previously approved
corporate surety bond with a corporate surety bond from the St. Paul Fire and Marine Insurance
Company; and
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
public improvements installed to date in Edwards Landing Wood Edge Drive and certified that
the value of work performed is $603,890.00 and is requested approval of the same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a
substitute performance guarantee and reducing the performance guarantee for public
improvements in Edwards Landing Woods Edge Drive: .
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The bond amount for Edwards Landing Woods Edge Drive in the amount
of $783,845.15 is reduced to $179,955.15.
SECTION II. Acceptance of a corporate surety bond from the St. Paul Fire and Marine
Insurance Company to replace the corporate surety bond issued by The Continental Insurance
Company is approved.
A RESOLUTION:
-2-
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE AND
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN EDWARDS
LANDING WOODS EDGE DRIVE
SECTION III. The substitute corporate surety bond in a form approved by the town
attorney from the St. Paul Fire and Marine Insurance Company in the amount of $179,955.15 is
approved as security to guarantee installation of the public improvements shown on plans
approved by the Director of Engineering and PUblic Works for Edwards Landing Woods Edge
Drive.
SECTION IV. The corporate surety bond fi'om The Continental Insurance Company in
the amount of $783,845.15 is released contingent upon receipt of the corporate surety bond from
the St. Paul Fire and Marine Insurance Company.
SECTION V. The town manager shall notify the developer that liability for corporate
surety bond funds has been reduced as outlined in Section I of this resolution and that this
reduction does not constitute acceptance of public improvements by the town or relieve the
developer of responsibilities outlined in the contract for public improvements for Edwards
Landing Woods Edge Drive.
PASSED this 25a' day of November 2003.
ATTEST:
/~lerk of~oUncil
~. Ov~stattd, Ma~r ~ '
Town of Leesburg
R03:EdsLandingWoodsEdgeDr SubstRedBond